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The Solow–Swan model with a bounded population growth rate. (English) Zbl 1142.91663
Summary: The paper analyzes the dynamic of the Solow–Swan growth model when the labor growth rate is non-constant but variable and bounded over time. Per capita capital is seen to stabilize to the non-trivial steady state of the Solow–Swan model with a particular constant labor growth rate. The solution of the model is proved to be asymptotically stable. In case of a Cobb–Douglas production function and a generalized logistic population growth law, the solution is shown to have a closed-form expression via hypergeometric functions.

MSC:
91B62Growth models in economics